Credit-Card Debt

How Long Will It Take to Pay My Balance?

Remember, the more you pay each month, the sooner you could pay off your debt and the lower your total interest cost should be.

If you have accumulated credit-card debt, you can use this calculator to estimate
how long it could take you to pay off that debt based on your payment amount.

Your Results

Assumptions:

No additional charges are added to the balance.

12 equal billing cycles per year.

My current credit card balance:

$0.00

The annual percentage interest rate on your card:

0%

The minimum amount required to pay only the interest:

$0.00

Each month you plan to pay:

$0.00

At that payment, the time required to pay off your balance:

0 years

You will pay total interest of:

$0

This chart shows the number of years it would take you to pay off your balance based
on the information you provided. You can substantially reduce the time needed to
pay off your debt and your total interest paid by increasing monthly payments. If
you feel your credit card interest rate is too high, you may want to consider whether
you can transfer your balance to a lower-interest card.

Credit Card Balance Over Time

This hypothetical example is used for illustrative purposes only. Actual results will vary.

The information in this calculator is not intended as tax or legal advice, and it
may not be relied on for the purpose of avoiding any federal tax penalties. You
are encouraged to seek tax or legal advice from an independent professional advisor.
The content is derived from sources believed to be accurate. Neither the information
presented nor any opinion expressed constitutes a solicitation for the purchase
or sale of any security.

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